Skill Set for an EconomistOne question students always ask is what they need to do to become a good economist. Admittedly, the term "good economist" is itself controversial: Good for whom? Keeping aside the various political and economic ideologies involved in answering this question lets assume that good economist is one with a scientifically objective view point about economic (and social) issues. This being done, lets try to see how to become a good economist in the light of the ideas of great economists. First consider Keynes as he is rated one of the greatest of all time genies in the field of our discipline. Keynes wrote a lengthy and elaborative paragraph about the qualities that a good economist should possess. Here is what Keynes wrote:

“The study of economics does not seem to require any specialised gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good, or even competent, economists are the rarest of birds. An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman and philosopher — in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man’s nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood: as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.”

So what the Master recommends. Note that he first identifies a paradox and then offers a solution. The paradox is the scarcity of good practicioners of such an easy discipline as economics is. What is clear from Keynes' quote is that economics is many sided discipline and excelling in it requires a multi-dimensional effort. Fortunately, many facets of our discipline that Keynes identified are included in the curricula of any good BS or MS economics program. For instance, students are trained in mathematics, statistics, and other sociological disciplines. What is generally lacking in many departments is history of economic thought. Althought this is a very interesting subject but has been recommended sparsely by the professors. This sad state may be due to the fact that its scope is considered limited. It is not true. In fact, without understanding the evolution of the economic thought we cannot appreciate what we are doing and why. Keynes also recommends many features that lack grooming in students in their courses. For example, the appreciation for abstract things. This requires a taste in arts. Similalry, the practicality of a politician requires critical thinking and interest in one's surroundings. Another great economist and a contemporary of Keynes was Joseph Schumpeter. He wrote one of the longest histories of Economic Analysis. He is famous for his witty style of writing. In the beginning chapters of his masterwork History of Economic Analysis, he says:

Let us begin in a thoroughly common-sense manner. What distinguishes the ‘scientific’ economist from all the other people who think, talk, and write about economic topics is a command of techniques that we class under three heads: history, statistics, and theory.’ The three together make up what we shall call Economic Analysis.

It is clear that like Keynes, Schumpeter also segregates economists into good and bad economists. Former being those following scientific way of approaching their discipline. The three discipline that are necessary in the skill set of a scientific economist according to Schumpeter are history, statistics, and theory. In the present form, economic theory has become very mature and profound. It has various applications and most of the analysis is done using micro-based models. Although these theoretical models require improvements in many directions they provide bread and butter of economic analysis. Similalry, econometrics (and statistics) are part of almost all graduate course set in good economics department. Again, one cannot say the same about history. The gap is covered to some extent by many good books on the hisotry of economic thought, and history focusing on economic aspects. Interested reader can consult Grand Pursuit: The story of Economic Genius by Sylvia Nasar or The puzzle of Modern Economics: Science or Ideology by Roger Backhouse (2006). In sum, we can say that the training of professional economists is broadly on a right path. What is needed is a little more space for history and history of economic thought. [UM]

*******************Maximus Reading: Because you are not forever1. I am writing this in the capacity of a teacher. Aim is to share what I have learnt in this capacity from my fellow colleagues and from my students. The hope is that they may contribute in it through comments and we will have a good trove of effective and tested techniques that may be of help to many others.

2. Teachers and professors may know these tricks already, but it is also possible that what we discover may be more relevant in our times than what they discovered when they were students. Because change is the only constant.

3. I have adopted informal approach. This is essential to avoid unnecessary rhetoric and persuasion. I want readers judge themselves.

TitleBefore started reading any article book or chapter of a book, read its title carefully. Focusing on the following main points:

1. Read the title and think about it. Why this title? What is it communicating? What the author tries to achieve with this?

2. Titles are of different types: direct titles are those which convey their hypothesis in the form of a question. For example, How to live on twenty four hours a day? or How to think about weird things? are two titles that are communicating their hypothesis. In the first case, one can guess that book is about some advise or recipe to utilize one's time in an effective way. Why one wants to utilize one's time effectively? Time is not only the greatest resource but it is key point in effective organization. And efficient organization is the most important skill to learn for sucess. These are all things that we can infer from reading only the title. Similarly, the second title tell us that the author is going to explain the process of thinking about some specific phenomena that she termed weird things. We can guess that book explain the prevalent habits of thinking about such things and then provide some tools to think in a logical/critical way about them.

Abstract ...

1. Scientific articles have many things other than titles that help you know about what they contain. For example, besides title they have an abstract, key words and author's affiliation. Good thing is to read key words after title. Asking: Are they familiar? In which type of analysis they mostly use? For example, if key words contain quantile regression, then you can guess that paper applies quantile regression to some kind of data. If you know about quantile regression you can also guess that probably author tries to refute or support existence evidence on some issue using this new technique. Abstract and title can help you in guessing more accurately.

Headings Go through the headings in an article or chapter. In the case of book, go through the contents or analytical contents or detailed contents, focusing on the following points:

1. Read the headings. They tell you the skeleton of the paper or structure of the argument around which the paper is constructed.

2. It is a good idea to book mark the headings. (It is possible on computer if you are using PDF professional or standard editons).

3. If you are not sure that to what extent the paper could be of help to you, try to read the first sentence of each paragraph. It will help you understand the nature of argument or discourse that the author is trying to construct.

4. Read the conclusion. Try to see the main findings and the way author arrives at them. It will tell you whether the paper is of your interest or not.

Finally

The same rules that have been outlined above can be applied to read a text book chapter. Many text books contain key terms at the beginning or end of the chapter. It is a good idea to make oneself familiar with those terms before going through the chapter. Similarly, if the chapter contains objectives of learning one can know what the author is intending to do in this chapter.

Remember you are not forever. You do not have an infinite time. In fact, all the people on this face of earth have same 24 hours time to spend for each day. Those who rise above than others use their time intelligently, smartly and efficiently. Those who do not, left behind, living an ordinary life. [UM]